#Florida businessman spent $700K in PPP loan money on a luxury boat: feds

A Florida businessman is accused of fraudulently acquiring $2 million in coronavirus relief aid and using nearly $700,000 to buy himself a fancy 40-foot boat.

Casey David Crowther, 35, of North Fort Myers, allegedly lied to a lending company when he applied for a Payroll Protection Program (PPP) loan on behalf of his company, claiming it would be used to cover wages, rent, and utilities for his roofing business, according to a criminal complaint filed in the US District Court, the Smoking Gun reports.

Instead, he’s accused of spending $689,417 on a shiny new Invincible catamaran boat, which is described in a review as being able to reach speeds of 30 mph in 9 seconds and knife “smoothly through rough seas.”

Crowther — who now faces up to 30 years in federal prison for fraud — allegedly had the cash wired from Sanibel Captiva Community Bank to a boat dealer in Sarasota after applying for the loan in April.

“Your affiant has probable cause to believe the boat was purchased for personal use and not for any business purpose related to [your firm] Target Roofing,” the federal criminal complaint states.

Crowther was arrested Wednesday and released on a $100,000 bond.

He’s one of several business owners who have been accused of using the relief loan to buy luxury personal items, including a Miami resident who allegedly spent $318,000 on 2020 Lamborghini Huracán EVO.

In July, the CEO of a large Wendy’s franchisee in Florida also allegedly diverted $1 million in PPP loans to buy a new house.